In light of these cases, one should consider advising clients to file a tax return for all tax years even if there is no filing requirement because, once an election is made to either itemize
deductions or claim the standard deduction, a taxpayer may change the election on an amended return as prescribed under Regs.
Visiting with a knowledgeable tax preparer can help you in determining whether you should itemize
or claim the standard deduction.
The effective marginal rates in the bubble may actually be higher than the 33% stated marginal rate imposed in 1990 depending on the number of exemptions claimed by the taxpayer and whether or not he itemizes
Available in self-service and managed models, iTEMize
helps companies regain control of telecom assets and costs.
On the other hand, if Joe expects to be in a higher tax bracket in 2005, because of the additional spousal income, and expects to have enough additional combined expenses to be able to itemize
deductions in 2005, it may be more advantageous for Joe to purchase the car and the furniture in 2005.
If your itemized deductions hover around the same level as the standard deduction, "bunch" or aggregate deductions in a year that you itemize
and take the standard deduction the following year.
Taxpayers who contribute to any of these funds can take a charitable contribution deduction on next year's return if they itemize
The deduction is available to educators in public or private elementary or secondary schools who work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide, whether or not they itemize
And although the standard deductions have recently been raised to $4,750 for single taxpayers, $9,550 for married taxpayers filing a joint return and $7,000 for head of household taxpayers, taxpayers who itemize
their deductions can drastically reduce their liability to the IRS.
Medical Deductions - Taxpayers can double check to see if they have enough medical deductions to itemize
Individuals can take this benefit as an adjustment to income and do not have to itemize
deductions to claim it.
As the industry's first intelligent energy management (IEM) appliances tailored for the home and business, GridPoint's 2006 product releases will lower energy costs by 10 to 15 percent, improve power reliability and itemize
energy consumption for the home and small business in a clean, silent, automatic way.
Clerics who do not itemize
thus will lose any deduction for unreimbursed employee business expenses.
The next generation of GridPoint products, scheduled for release in fall 2005, will lower energy costs, improve power reliability and itemize
energy consumption for the home and small business, as well as enable utilities to reduce peak demand costs and offer value-added services.
Charitable contributions remain available only to taxpayers who itemize